Monero prices rocket to $438 amid $120 million onchain laundering maze
An unknown entity laundered $120 million in USDT across multiple blockchains and exchanges, causing a temporary price spike in the privacy coin Monero. Tether intervened by blacklisting an address holding $72 million of the funds to prevent further movement.
Why it matters
This incident highlights the ongoing challenges of tracking illicit financial flows in the crypto ecosystem and the increasing role of stablecoin issuers in policing network activity.
Onchain investigator ZachXBT said in a Telegram broadcast earlier Friday that an address received 120.2 million USDT on the Tron network on Thursday. USDT is the largest stablecoin, a crypto token built to hold a steady $1 value, and Tron is a blockchain often used to move it cheaply.
The article reports on factual on-chain data provided by a third-party investigator without injecting editorial opinion.
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